Cloth Traders (P) Ltd., Etc vs Addl. Commr. Of Income Tax, ... on 4 May, 1979
12. Learned counsel also referred to two decisions. The decision of the Punjab High Court in the case of Patiala Biscuit manufacturers P. Ltd. v. CIT [1976] 103 ITR 208, is not in point. That case dealt with a totally different situation and pointed out that where an assessed grants a rebate and sells its goods at a concessional rate or reduced rate, it cannot be said to have made any income and the department cannot disallow a part of the rebate on the ground that in the hands of recipients it came to be ultimately distributed for the benefit of certain shareholders or directors of the assessed-firm itself.